Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Portman Ridge Finance — Q4 2019 Earnings Presentation
14 slides from Bcp Investment's earnings presentation, Mar 9, 2020
Slide 1: 2019 Q4 Earnings Presentation
2019 Q4 Earnings Presentation March 9, 2020 Exhibit 99.2
Slide 2: Important Information: Cautionary Statement Regarding Forward-Looking Statements
Important Information Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The matters discussed
Slide 3: Earnings Summary: Earnings Highlights
Earnings Summary Earnings Highlights As of December 31st, 2019, our NAV stood at $152.2 million or $3.40 per share NAV increased by $19.5 million over the course of the quarter, driven mainly by the merger, which closed on December 18th, 2019, with OHA Investment Corporation (“OHAI”) and the associa
Slide 4: Net Asset Value Rollforward
($ in ‘000s) Q2 2019 Q3 2019 Q4 2019 NAV, Beginning of Period $143,686 $139,178 $132,723 Realized Gains (Losses) from Investments (2,271) (1,176) (1,326) Impact of Unrealized Gains (Losses) 543 (5,317) (2,649) Net Investment Income 2,311 2,242 2,147 Lease Impairment (1,431) -- -- Net Decrease in Ass
Slide 5: Portfolio Activity
Debt Securities only, excludes assets on non-accrual Based on Fair Market Value, Debt Securities only. The % of senior secured assets excluding the OHAI acquisition is 56% Portfolio Activity ($ in ‘000s) Q2 2019 Q3 2019 Q4 2019 Beginning Balance 238,345 259,561 264,211 Purchases 38,596 54,874 73,612
Slide 6: Reduction in Legacy Assets
Reduction in Legacy Assets Legacy Assets Reduction ($ in ‘000s) 33% 30% 41% 35% Over the 3 quarters since the externalization of PTMN, 32% of the legacy book has been rotated into BC Partners originated assets 120,858 80,410 45,605 31,968 60,550 35,781 $227,013 $148,159 At Entry Current KCAP Debt &
Slide 7: Asset Rotation Over the Last Three Quarters
1. Investments shown on a fair market value basis net of short-term investments for comparability purposes Asset Rotation Over the Last Three Quarters March 31st, 2019(1) June 30th, 2019(1) September 30th, 2019(1) December 31st, 2019(1) BC Partners has been actively rotating the Portman Ridge portfo
Slide 8: Earnings Summary: Yield Enhancement to Shareholders
Note: Purple bars denote declines and blue bars denote increases. Earnings Summary Yield Enhancement to Shareholders (annualized)
Slide 9: Portfolio Diversification
Figures shown do not include short term investments, CLO holdings, F3C JV portfolio companies or Great Lakes JV portfolio companies Shown as % of debt, equity and derivatives investments at fair market value Portfolio Diversification(1) Diversified Portfolio of Assets Diversification by Borrower(2)
Slide 10: JV Portfolio Diversification
Shown as % of investments at fair market value JV Portfolio Diversification JV Portfolio Characteristics Diversification(1) Asset Mix (1) Industry (1) Portfolio Characteristics F3C JV Great Lakes Total Investments and Commitments $299.2mm $298.8mm Unfunded Commitments $6.4mm $54.8mm Weighted Average
Slide 11: Appendix
RIDGE Appendix
Slide 12: BC Partners Differentiators
Views expressed are those of BCP Credit. BC Partners Differentiators While the increasing popularity of direct lending has gathered many headlines as of late, we believe the BC Partners Credit platform is differentiated on six key aspects Disciplined approach to fund size allows us to pursue the bes
Slide 13: BC Platform: Flexible, Differentiated Strategy
BC PLATFORM Access to deal flow and sourcing through fully integrated model BCP Operations team supports our ability to add value to portfolio companies Utilization of BC Partners’ broader resources, including relationships and institutional knowledge from over 30 years of private market investing H
Slide 14: Full integration with the BC Partners platform
Full integration with the BC Partners platform provides an edge at every stage of the investment process 150+ employees 60+ PE investment professionals including 8-member Operations Team 9 Investor Relations professionals 38 Support professionals 12 Operating Advisors $21 billion in PE AUM across co
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